Entain has launched a group-wide employee share ownership plan, through which it intends to give UK and international colleagues the opportunity to “share in the success and growth of its global business”
The company says that the plan overtakes previous schemes introduced in country markets and companies that have, by acquisition, become part of the group in recent years.
Around 22,500 employees at all levels of the business can now apply to join Entain’s ShareSave plan. In the UK, where Entain has 2,885 Ladbrokes and Coral shops spread across the UK and Ireland, almost 14,000 retail colleagues can apply.
By starting monthly contributions at just £5 or more, Entain hopes to put share ownership within reach of everyone, including people across its international operations.
It is said that the initial placement of a £100 monthly cap on contributions reflects the global nature of its business and currency differences across the workforce, with the aim of maximising the appeal to all colleagues.
“Entain has been one of the highest performing companies in the FTSE-100 over the past year, which is the result of hard work and efforts from teams across our international business,” said Jette Nygaard-Andersen, chief executive of Entain.
“Building a strong customer-centric culture where everyone contributes and shares in our continuing success is really important, so this plan is designed to be attractive and accessible to all.”
Under the terms of the ShareSave plan, colleagues can choose to save a monthly sum from £5 to £100 over three years. At the end of this period, they will have the opportunity to buy shares in Entain for 20 per cent less than their market value at the start of the invitation period, which they can sell for a potential profit. Alternatively, they can retain the stock as shareholders in the company, or simply take their savings back.
The new plan is being implemented this year as approved by shareholders at the company’s last annual meeting, with the betting and gaming group hoping to increase those eligible to join in future years as it continues to grow through acquisitions.